Background:
Occupied by the UK in 1841, Hong Kong was formally ceded by China
the following year; various adjacent lands were added later in the
19th century. Pursuant to an agreement signed by China and the UK on
19 December 1984, Hong Kong became the Hong Kong Special
Administrative Region (SAR) of China on 1 July 1997. In this
agreement, China has promised that, under its "one country, two
systems" formula, China's socialist economic system will not be
imposed on Hong Kong and that Hong Kong will enjoy a high degree of
autonomy in all matters except foreign and defense affairs for the
next 50 years.